PwC CF are pleased to announce that they have advised Adanola Holdings Limited on a minority investment from Story3 Capital Partners, a Los Angeles based private equity firm specialising in consumer-focused growth investments.
Founded in 2015, Adanola is a contemporary active lifestyle brand that has built a loyal global following through its commitment to creating the ultimate everyday uniform for modern women - versatile, elevated activewear that transitions effortlessly between function and aesthetic. The brand’s cult-favourite products, such as its Ultimate Leggings (with over 1.5 million pairs sold), and high-profile supporters including Kendall Jenner, Kaia Gerber, and Rosie Huntington-Whiteley have helped fuel rapid growth.
The investment from STORY3, which values the business at approximately $500 million, will support Adanola’s continued expansion, enabling the brand to strengthen its position as a global leader in the activewear space.
STORY3 Capital Partners, based in Los Angeles, is a leading alternative investment manager that employs flexible investment strategy and pairs deep industry expertise, operating support, and unique transactional experience to support value creation for its partners.
“I got to know Tom and Jo about three years ago, they invested a lot of time in the business and really understood what made Adanola unique, supporting this with data led insights. These insights really supported my team in validating our strategy. Selecting PwC as our Investment Banking partner became an easy choice given the relationship we had developed, trust I had in Tom and Jo, together with their track record in this sector and access to relevant US investors. The entire PwC team became an extension of the Adanola team, with a natural cultural fit and with our best interests always being at the forefront of their advice. Tom and team really delivered for us across all objectives set, and we will be forever grateful for the advice and hard work in achieving a milestone valuation and importantly a US partner to support our continued growth aspirations.”
“Having worked with Tom and PwC before, I absolutely trusted them to deliver. I knew we would get strong commercial advice, senior team throughout and data led insights. The PwC team became a natural extension of Adanola and the transaction readiness advice has supported our growth and helped us scale at pace whilst ensuring our foundations are strong. The global reach and opportunity to meet early with investors to assess strategic and cultural fit was important to us. You are truly exceptional at what you do, thank you for achieving another outstanding result. This is an important milestone for Adanola and we will always be grateful for the role PwC has played in this chapter.”
“It has been a real privilege to support Hyrum, Niran and the Adanola team on reaching this significant milestone. It is clear that Adanola has a highly differentiated proposition playing at the intersection of fitness and fashion with an elevated everyday range and accessible price point. I am sure that the addition of STORY3 with their US consumer experience will strategically support the team with their global growth aspirations.”
PwC
The PwC UK Corporate Finance team advising on this transaction consisted of Tom Copeland, Joanne Smith, Hannah Farrelly and Sophie Plater. The PwC US Corporate Finance team was Trip Wolfe, Carlos Garcia-Tome and Geetika Ravi.
PwC UK also provided data analytics services led by James Fellows, financial due diligence led by Joel Smith, commercial due diligence led by Jac Windsor, tax due diligence led by Simon Viner, with wider tax advisory led by Dan Packwood.
*Corporate Finance services in the US are performed by PricewaterhouseCoopers Corporate Finance LLC, a registered broker dealer (“PwC CF US”). PricewaterhouseCoopers Corporate Finance LLC is owned by PwC US Business Advisory LLP, a member firm of the PricewaterhouseCoopers Network, and is a member of FINRA and SIPC.
